SEZ AND STPI COMPLIANCES

BUSINESS BEYOND BOUNDARIES

SEZ and STPI Compliances

Special Economic Zones (SEZs)

Special Economic Zones (SEZs) are those trading centres, which are designed to promote and encourage the domestic enterprises with free trade policies provided by the government for the development of the public/private sector enterprises. Under these SEZs, hundreds of Multinational Companies and foreign investors have registered themselves and set-up their individual units.

Through the SEZ schemes and policies, all these companies are exempted from the taxes levied on their export and import of goods. In these special economic zones, the economic laws are more liberal in comparison with the other economic zones. SEZs cover several other subordinate economic zones under it such as, Free Trade Zone (FTZ), Export Processing Zones (EPZ), Free Zones (FZ) and Industrial Estates (IE) and Free Ports and Urban Enterprise Zones etc.

Today, almost every enterprise, who is in the business of production, manufacturing, exporting, and importing of goods want to establish their business unit in these Special Economical Zones. However, to establish a business unit in these SEZs, one needs to take government approval, which every company cannot get it easily.

Risk assessment provides a mechanism for identifying which risks represent opportunities and which represent potential pitfalls. Done right, a risk assessment gives organizations a clear view of variables to which they may be exposed, whether internal or external, retrospective or forward-looking. A good assessment is anchored in the organization's defined risk appetite and tolerance, and provides a basis for determining risk responses. A robust risk assessment process, applied consistently throughout the organization, empowers management to better identify, evaluate, and exploit the right risks for their business, all while maintaining the appropriate controls to ensure effective and efficient operations and regulatory compliance.

Software Technology Parks of India (STPIs)

India is known worldwide for its Information Technology prowess. Software Technology Parks of India (STPIs) has played an important role in accomplishing this status. Today, STPIs across over the country are synonymous with excellent infrastructure and statutory support aimed at furthering growth of Information Technology in the country.

Software Technology Parks of India (STPI), is a society set up by the Ministry of Communications and Information Technology, Government of India in 1991, with the objective of encouraging, promoting and boosting the Software Exports from India.

The objectives of the Software Technology Parks of India are:

(a) To promote the development and export of software and software services including Information Technology (IT) enabled services/ Bio- IT.

(b) To provide statutory and other promotional services to the exporters by implementing Software Technology Parks (STP)/ Electronics and Hardware Technology Parks (EHTP) Schemes and other such schemes which may be formulated and entrusted by the Government from time to time.

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